G20 summit.. Difficulties in rebuilding the international economy 

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G20 summit.. Difficulties in rebuilding the international economy

Dr.Rana Khalid

head of researcher and director of IFPMC

 

For the first time in history, the G20 summit is being held through video-conference summit. While some saw it as a step that reflects modernity it also shows awareness of the dangers of the new Corona epidemic to all without exception. However, others consider it as an missed opportunity to meet the leaders of nations under one roof, face to face in light of the escalation of the conflict between the leaders that can usually be alleviated among the leaders at the top.

In general, Saudi Arabia succeeded in holding this summit in this exceptional circumstance, and the King of Saudi Arabia King Salman Salman bin Abdulaziz  delivered his speech before screens gathered leaders of countries and international organizations participating in this extraordinary summit, led by US President Donald Trump and Russian Vladimir Putin, and chancellor Angela Merkel of Germany, along with the Kingdom of Spain, the Hashemite Kingdom of Jordan, the Republic of Singapore and the Federal Republic of Switzerland, and nine major international organizations, the World Health Organization, the International Monetary Fund, the World Bank Group, the United Nations and the Food and Agriculture Organization, are also participating. The Financial Stability Board, the International Labour Organization, the Organization for Economic Cooperation and Development and the World Trade Organization.

In addition to representatives of regional organizations, the Socialist Republic of Vietnam as President of the Association of Southeast Asian Nations, the Republic of South Africa as President of the African Union, the United Arab Emirates as President of the Gulf Cooperation Council and the Republic of Rwanda as President For the New Partnership for Africa’s Development.

The G20 leaders agreed that protecting lives and addressing the consequences of the Corona epidemic is a commitment to restore confidence in the global economy and achieve  growth and stressed importance of transparency of countries in releasing their health data and in the setting of the mechanisms to contain this epidemic and mitigate its effects. Health, political, economic and social.

The G20 summit also pledged to inject $5 trillion into the global economy, as part of fiscal policies, economic measures and targeted security plans to counter the social, economic and financial impacts of the Corona pandemic. The leaders also welcomed the steps taken by the IMF and the World Bank Group to support countries in need of assistance, calling on lenders to suspend debt payments from these countries, and asked G20 leaders to mandate the World Bank and the International Monetary Fund to make the necessary assessments that Countries have unsustainable debt and immediate financing requirements.

The final statement ended with all necessary health measures and ensuring adequate funding to contain the epidemic and protect individuals, especially those most at risk. Shared information in an immediate and transparent manner, the sharing of epidemiological and clinical data, the sharing of materials for research and development, and the strengthening of global health systems, including support for the full implementation of who’s 2005 international health regulations. Global. We will expand productive capacities to meet the growing demand for medical supplies and ensure that they are made available on a wide range, at affordable prices and based on the principle of equity in areas where they are most needed and as quickly as possible. They also stressed the importance of responsible public communication during this global health crisis. G20 health ministers were assigned to meet as needed.

Furthermore, Many economists agree that this year’s G20 summit has not really been able to answer the fundamental question of how the leaders of these countries will be bound by their commitments knowing that there is no point in discussing global solidarity in the face of the determination and determination of the major and regional economic powers to continue the approach of giving Priority for the economy of the interior. “The heart of this problem is not as economic as it was in 2008, but a public health collapse,” said Harry Broadman, head of emerging market practice at The Berkeley Group for American Research and the World Bank’s China Advisor. You can spend all the money in the world, but the G20 needs to talk about financing and distributing ventilators and vaccines. They need public health officials as much as they need finance ministers.

Jim O’Neill, David Cameron’s former epidemiologist, today told the Guardian that a £20 billion G20 investment could fund the development of Coved-19 treatments, but there are no guarantees.

Also, the background of the summit itself does not seem encouraging, as there are currently many fingers pointing to the emergence of a conflict between China and the United States, the world’s two largest economies, also tension over China’s role in providing medical assistance, as the United States has historically been playing this. Role. There are economic conflicts between energy producers, including the oil price conflict between Russia and Saudi Arabia.

The summit is also likely to reflect the fact that decisions on stimulating demand are likely to be made at the national or perhaps regional level, but there are no signs of an economic agreement between the major economic powers, on the contrary, where deep differences prevailed at last week’s G7 meeting. The negotiations began with U.S. Secretary of State Mike Pompeo once again accusing China of covering up the outbreak in Wuhan, and then indulging in a “crazy conversation” that the United States had sent the virus to China. A joint statement was reportedly not agreed upon by the United States in the statement. France, Italy, Spain and six other eurozone governments have called for joint European debt to finance the fight against the coronavirus, but Berlin is resisting it as a premature move. Until the EU can agree on its own steps, it is unlikely to make significant investment to help the wider world.

So, the Corona epidemic has seriously inflamed the international consensus, and it seems that the promises and good intentions of the world’s great leaders will not be feasible in slowing the rapid descent of the world economy into the abyss. The harsh reality experienced by the peoples of the world is forcing the fragmentation of traditional frameworks in the face of economic crises and the invention of unprecedented experimental solutions and the courage to take calculated risks and not to take refuge behind international institutions, conferences and summits that have become in all forms about achieving Unanimously.

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